Analysis of US inflation data shows a rise in August, while demand for Bitcoin through ETFs demonstrates the asset's resilience.
US Inflation Data
According to the latest report from the US Bureau of Labor Statistics released on September 11, inflation rose by 0.4% in August, leading to an annual inflation rate of 2.9%. This increase compares to just 0.2% in July. Core inflation, excluding volatile food and energy prices, rose by 0.3% for the month and 3.1% annually.
Impact on Bitcoin Market
Despite the negative market reaction to inflation data, Bitcoin's price remains steady. This stability is attributed to a surge in investment flow into Bitcoin spot ETFs, which recorded $757.1 million in net inflows in a single day—the highest figure in eight weeks.
Fed Prospects and ETF Market
The market awaits the Federal Reserve's decision at the upcoming meeting. Investors are uncertain about the possibility of an aggressive interest rate cut, considering the rise in jobless claims to their highest level since October 2021. Analysts point out that the Fed's decision will depend on a combination of factors.
The cryptocurrency market, including Bitcoin, shows resilience to economic challenges. Investors' focus is now on the upcoming Fed meeting, which could influence future interest rate policies.
